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DEPARTMENT OF
FN A N C EARWOLD 'SCHWARZENCESMER, GOVERNOR
OFFICrL OF THE DIRECTOR BTE ATCAPITOL■ IZC30M 7 T 46 E SACRAMENTa CA!951314-49g5 r WWW.00F.CA.dpV
WARD OF SUPERVISORS
NOV 17'2010
November 12, 2010
OROVILLE,CALIFORNIA
TO ALL COUNTY AUDITORS, REDEVELOPMENT AGENCIES, AND THEIR LEGISLATIVE
BODIES:
Chapter 21, Statutes of 2009, requires redevelopment agencies to shift$350 million in property
tax revenues to K-12 schools during the 2010-11 fiscal year via the Supplemental Educational
Revenue Augmentation Funds (SERAF)that the Chapter created in each county. The Director
of Finance is required to determine the amount each redevelopment agency shall transfer to the
SERAF, and is further required to notify each redevelopment agency and legislative body of
those amounts.
In accordance with the above requirements, the attached document provides the amount
determined for your redevelopment agency.
Each redevelopment agency must allocate the specified amount to the county auditor-controller
for deposit into the SERAF on or before May 10, 2011. By March 1, 2011 the legislative body
shall either report to the county auditor-controller how the redevelopment agency intends to fund
its SERAF obligation, or report that the legislative body intends to fund the SERAF obligation on
behalf of the redevelopment agency pursuant to Section 33692 of the Health and Safety Code
(HSC).
If a redevelopment agency determines that it will not be able to allocate to the SERAF the full
amount required, it may enter into an agreement with its legislative body by February 15, 2011,
for the legislative body to fund either the full SERAF obligation, or a portion thereof.
Alternatively, pursuant to HSC Section 33690 (c), a redevelopment agency that makes a finding
that insufficient monies are available to fund its SERAF obligation may borrow from monies
contained in its Law and Moderate Income Housing Fund. Redevelopment agencies also may
borrow from the amount otherwise required to be remitted in 2010-11 to its Low and Moderate
Income Housing Fund. All borrowed funds must be fully repaid by June 30, 2016.
If you have any questions regarding this matter, please contact Chris Hill, Principal Program
Budget Analyst, at (916) 322-2263.
ANA ATOSANTOS
Director
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